Business Context and Reporting Period
Company: NABORS INDUSTRIES LTD.
Filing Type: Form 8-K (Current Report)
Date of Report: October 27, 2015
Reporting Period: Three and nine months ended September 30, 2015
This filing announces the issuance of a press release detailing the company's results of operations for the specified periods. The filing incorporates the press release (Exhibit 99.1) and investor presentation slides (Exhibit 99.2) by reference.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the referenced press release (Exhibit 99.1).
The company reports the following non-GAAP financial measures in the referenced release:
- Adjusted EBITDA: Computed by subtracting direct costs, general and administrative expenses, and earnings (losses) from equity method investments from the sum of operating revenues and earnings (losses) from unconsolidated affiliates.
- Adjusted Income (Loss) Derived from Operating Activities: Computed similarly to Adjusted EBITDA but also subtracts depreciation and amortization expenses.
The filing includes a reconciliation of these non-GAAP measures to income (loss) from continuing operations before income taxes.
Material Changes
The filing text does not explicitly detail material changes versus prior periods. It states that the press release contains the results of operations, which would include such comparisons, but the specific data points are not present in this 8-K summary text.
Guidance, Outlook, and Risks
Management Commentary: Management utilizes Adjusted EBITDA and Adjusted Income (Loss) derived from operating activities to evaluate business unit and consolidated company performance, viewing them as accurate reflections of ongoing profitability. However, the company notes limitations to these measures and advises they be considered in addition to, not as an alternative to, GAAP results.
Forward-Looking Statements: The press release contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially from those indicated.
Upcoming Events: The company scheduled a conference call with shareholders and analysts for October 28, 2015, to discuss the results.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and cash flow figures for the three and nine months ended September 30, 2015.
- Examine the reconciliation tables in the press release to understand the adjustments made to derive non-GAAP metrics from GAAP figures.
- Verify the forward-looking statements and associated risk factors disclosed in the press release.
- Check Exhibit 99.2 (Investor Information) for additional context provided during the October 28, 2015, conference call.